QUESTION
What will happen if I purchase a home after bankrupcty?
Asked on Aug 06th, 2012 on Bankruptcy - Mississippi
More details to this question:
I filed bankrupcty earlier this year and have a question. My aunt needs to finalize the purchase of her home (bought 7 years ago) but had to pay it off via a balloon payment. She just became aware that she has a judgement that she cannot pay. She needs no lendor financing as the landlord will finance the remaining balance that she could not pay via the balloon payment. Am I able to put her home in my name? I will not need financing, just wanting to help her out and wasnt sure of how the bankrupcty would affect me.
7 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
It depends on the status of the bankruptcy and what type of bankruptcy you are in. It would be best for you to talk to your bankruptcy attorney for guidance.
Answered on Aug 22nd, 2012 at 11:36 AM
The bankruptcy should have no impact on what you do, assuming you have already received your discharge. However, perhaps your aunt should consider a bankruptcy herself.
Answered on Aug 22nd, 2012 at 11:36 AM
Intellectual Property Attorney serving Petaluma, CA
at
Law Offices of David P. Gardner
Update Your Profile
If your bankruptcy was a Chapter 7 and it has been discharged, then nothing will happen if you purchase a home except that you will own a home. Once a bankruptcy is discharged you are free to do any financial thing you want to. If your bankruptcy is a Chapter 13 and is still pending, then you will need to amend your schedules and Plan to include the house and show that you are able to make the payments on it.
Answered on Aug 22nd, 2012 at 11:35 AM
Criminal Law Attorney serving Fremont, CA
at
Steven J. Alpers, A Professional Corporation
Update Your Profile
This may cause you problems with the bankruptcy court. At the least you would need to report being put on the deed and they would consider whether that should have been an asset in your bankruptcy which may be seized for the benefit of the creditors.
Answered on Aug 22nd, 2012 at 11:35 AM
Bankruptcy Attorney serving Livonia, MI
at
Charles J. Schneider, P.C.
Update Your Profile
The home will be yours, however the rest of your scheme with your aunt cannot be endorsed.
Answered on Aug 22nd, 2012 at 11:35 AM
Horace D. Cotton
Assuming that you filed a Chapter 7 case and your Discharge has been granted, there is no reason why you cannot put the home in your name.
Answered on Aug 22nd, 2012 at 11:34 AM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
at
Timothy Kevin Byrne Attorney at Law
Update Your Profile
If you are no longer in bankruptcy you can put the house in your name.
Answered on Aug 22nd, 2012 at 11:34 AM